Texas Insurance Code 1107.001 – Applicability of Chapter
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(a) This chapter applies to an annuity contract issued on or after August 29, 1979.
(b) This chapter also applies to an annuity contract issued by a company after a date specified in a written notice:
(1) that was filed with the State Board of Insurance after August 29, 1977, but before August 29, 1979; and
(2) under which the company filing the notice elected to comply before August 29, 1979, with the law codified by this chapter.
Terms Used In Texas Insurance Code 1107.001
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) Companies shall issue, and the department shall review, annuity contracts as follows:
(1) under Sections 1107.051-1107.054 until August 31, 2005; or
(2) under Sections 1107.055-1107.057 after September 1, 2003.
(d) Companies shall not issue annuity contracts under Sections 1107.051-1107.054 after August 31, 2005.